Parliament on Friday approved a bill that will provide an opportunity to taxpayers to settle their tax disputes by paying just due taxes with complete waiver of interest and penalty by March 31.

PTI|Last Updated: Mar 13, 2020, 03.02 PM IST

NEW DELHI: Parliament on Friday approved a bill that will provide an opportunity to taxpayers to settle their tax disputes by paying just due taxes with complete waiver of interest and penalty by March 31.

The Direct Tax Vivad Se Vishwas Bill was passed by voice vote and returned by Rajya Sabha as it was a money bill. It was approved by Lok Sabha on March 4.

The finance minister pointed out that some members had raised issues on the bill and asked how can the Central Board of Direct Taxes issue a circular on the scheme before passage of the bill in Parliament.

“There is no breach of privilege,” she said.

The minister also told the House the end of the scheme date would be notified by the government and there is no confusion over that.

She told the House that the scheme is to give an option to tax payers for settling disputes.

The government would send a circular to states in all languages for providing detailed information about the bill.

The Direct Tax Vivad Se Vishwas Bill, 2020, which was introduced by the Finance Minister in Lok Sabha on March 2.

As many as 4.83 lakh direct tax cases worth Rs 9.32 lakh crore are locked up in various appellate forums such as Commissioner (Appeals), ITAT, High Courts, Supreme Court and Debt Recovery Tribunals.

Also in search and seizure operations where the recovery is up to Rs 5 crore, this scheme can be availed once the Bill is passed by Parliament.

Under the proposed scheme, taxpayers willing to settle disputes shall be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute by March 31 this year, following which a 10 per cent additional disputed tax shall have to be paid over and above the tax liability.

Further, where arrears relate to disputed interest or penalty only, then 25 per cent of disputed penalty or interest shall have to be paid if the payment is made by March 31, beyond which the same shall be enhanced to 30 per cent.

The scheme would remain open till June 30, 2020.

https://economictimes.indiatimes.com/news/politics-and-nation/parliament-approves-vivad-se-vishwas-bill/articleshow/74610479.cms


Step-1

To pay taxes online, login to http://www.tin-nsdl.com > Services > e-payment : Pay Taxes Online or click here on the tab “e-pay taxes” provided on the said website. Provide proper link of e-payment

Step-2

Select the relevant challan i.e. ITNS 280, ITNS 281, ITNS 282, ITNS 283, ITNS 284 or Form 26 QB demand payment (only for TDS on sale of property) as applicable.

Step-3

Enter PAN / TAN (as applicable) and other mandatory challan details like accounting head under which payment is made, address of the tax payer and the bank through which payment is to be made etc.

Step-4

On submission of data entered, a confirmation screen will be displayed. If PAN / TAN is valid as per the ITD PAN / TAN master, then the full name of the taxpayer as per the master will be displayed on the confirmation screen.

Step-5

On confirmation of the data so entered, the taxpayer will be directed to the net-banking site of the bank.

Step-6

The taxpayer has to login to the net-banking site with the user id / password provided by the bank for net-banking purpose and enter payment details at the bank site.

Step-7

On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.For making e-payment of direct tax, click here

https://www.incometaxindia.gov.in/Pages/tax-services/pay-tax-online.aspx

https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp